The traders at the sideline got one more opportunity yesterday and today as the dip buyers pulled up price one more time.
2 days ago we printed a key reversal on the daily chart : new high and on the same day a close below yesterday's low. Actually we not just closed below the 30th Dec low but we took out 5 days' lows. So this is a strong key reversal. The daily chart for the traders who are not following cycles looks like a test of the breakout. But it will not just test 51.72$, it will break below that level soon.
Notice the key reversal's volume: this is the biggest volume in the last half year. No question: big players sold their positions in the breakout and the small guys bought the exact top.
The same story again....
The more time we spend here around 53$ the steeper the drop will be.
We still have the divergencies in the RSI and MACD and RSI left the overbought territory.
When we bottom the 7 day RSI will reach oversold territory. And I think it will be deep in the oversold...
The other good news that MACD crossed over.
I'm looking for a 10$ drop here in oil in the following 4-5 weeks.
Get ready : this decline coming to your chart near you soon.
2 days ago we printed a key reversal on the daily chart : new high and on the same day a close below yesterday's low. Actually we not just closed below the 30th Dec low but we took out 5 days' lows. So this is a strong key reversal. The daily chart for the traders who are not following cycles looks like a test of the breakout. But it will not just test 51.72$, it will break below that level soon.
Notice the key reversal's volume: this is the biggest volume in the last half year. No question: big players sold their positions in the breakout and the small guys bought the exact top.
The same story again....
The more time we spend here around 53$ the steeper the drop will be.
We still have the divergencies in the RSI and MACD and RSI left the overbought territory.
When we bottom the 7 day RSI will reach oversold territory. And I think it will be deep in the oversold...
The other good news that MACD crossed over.
I'm looking for a 10$ drop here in oil in the following 4-5 weeks.
Get ready : this decline coming to your chart near you soon.
Comment:
Key reversal covering 5days' top and low:
Comment:
Comment:
I want to share a few thoughts with you. I know it's frustrating to wait for this breakdown while everybody is so bullish.
Just take a look at this chart:
Just take a look at this chart:
Comment:
All the bulls who bought the breakout at 52 at the beginning of December (!!!) are in 1$ plus right now. Time is on the short side now. The breakout had no follow through for more than a month...
It will be a steep drop to the ICL.
It will be a steep drop to the ICL.
Comment:
WE are just testing back the double top's neckline.
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Comment:
It's still short. Nothing changed. We are not in a panic selling so don't wait for 2$ down days day after day in a row for a week
Comment:
I'm adding to my short positions today.
Yesterday's "big pop" was less than half volume of the key reversal.
Yesterday's "big pop" was less than half volume of the key reversal.
Comment:
It could be our big down day in oil...
Both MACD and TSI wasn't able to break above the 0 level, and they are crossing down.
RSI couldn't stay overbought and heading to oversold.
Bulls will lose patience if we break below the 50 EMA (50.72$)
Both MACD and TSI wasn't able to break above the 0 level, and they are crossing down.
RSI couldn't stay overbought and heading to oversold.
Bulls will lose patience if we break below the 50 EMA (50.72$)
Comment:
ANd we just turned down from the 4hrs chart's down trendline...
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Godot might have arrived....
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OIL US FEB 2017 CFD just run out.
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Fasten your seat belts. It's startiiiiiiiing....
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I'M still holding the shorts. Let's wait for the close.
Volume is low.
Volume is low.
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Today is the day when we make everything great again.
Oil can't be exception.
Oil can't be exception.
Comment:
Sooner or later it will break down. Mostly it happens when it looks it wants to break up.
Comment:
Comment:
They've run the stops above 53,50$.
SOBs.
SOBs.
